Sanmina Corporation (NASDAQ:SANM)
Sanmina Corporation (SANM), a global manufacturing solutions company yesterday reported their fiscal third quarter 2017 financial results.
Sanmina Corporation reported adjusted third quarter earnings of $0.74 per share. Sanmina Corporation reported third quarter revenues of $1.71 billion.
Sanmina Corporation CEO’s Comments
“We delivered good results for the quarter. We continue to execute well and deliver consistent operating margin and solid cash generation,” stated Jure Sola, Chairman and Chief Executive Officer. “Our customer base and pipeline of new opportunities remain solid. We are confident in our ability to drive operational improvements and growth in 2017 and execution of our strategy supports a promising future.”
SANM Technical Analysis
SANM opened trading yesterday at $41.65 which was up from the previous day’s trading close of $41.55. SANM closed trading yesterday at $42.46 and spiked down in the after hours to $38.75, equivalent to a 9% decrease from the closing price. Taking a look at the daily chart we can see the last time SANM traded below these levels we have to go back to July 7th when it traded at lows of $38.20.
Taking a closer look at the daily chart we can see that before the spike down SANM had been in an overall upward trend dating back to May 17th when it traded at $35.60. SANM has a float of 74.2 million shares and traded 1.50 times the normal daily trading volume on Monday.
For trading purposes, I would like to see SANM open trading on Tuesday below $40.00 and if it does I would be looking to take a short position at the bell. My stop loss would be $0.30 from my entry position fearing anything more than that and the stock would start to fill in the gap down.
Company Profile
Sanmina Corporation provides integrated manufacturing solutions, components, products and repair, logistics, and after-market services worldwide. The company offers product design and engineering solutions comprising concept development, detailed design, prototyping, validation, preproduction, and manufacturing design release; manufacturing solutions of components, subassemblies, and complete systems; final system assembly and test services; direct order fulfillment and logistics services; after-market product service and support; and supply chain management services.
It also provides interconnect systems, such as printed circuit board fabrication, backplane, and cable assemblies; and mechanical systems, including enclosures, precision machining, and plastic injection molding; non-volatile DIMMs, solid state drives, and DRAM solutions; defense and aerospace products; storage products; and optical and radio frequency modules.
The company offers its services to original equipment manufacturers in the communications networks, computing and storage, multimedia, industrial and semiconductor capital equipment, defense and aerospace, medical, energy and clean technology, and automotive industries.
The company was formerly known as Sanmina-SCI Corporation and changed its name to Sanmina Corporation in November 2012. Sanmina Corporation was founded in 1980 and is headquartered in San Jose, California.